Supply/demand technicals remained in MBS' favor this week. Supply averaged just over $2 billion per day, mostly in 4.5% coupons, staying similar to the previous week.

The Federal Reserve, of course, remained a substantial buyer, averaging $5.4 billion per day. Overseas investors were also a steady presence in the market, particularly in GNMAs, while money managers, banks, hedge funds, servicers, and others were two-way, although with a more supportive tendency.

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